Correlates of Quality of Life in New Migrants to Hong Kong from Mainland China

The concept of Quality of life (QOL) has received considerable attention from different disciplines. The aim of this study was to identify what are the correlates of QOL among Chinese new immigrants in Hong Kong. Data were collected through a cross-sectional survey among 449 Hong Kong new immigrants from Mainland China. Bivariate and multiple regression analyses were performed to examine the association between immigrants’ QOL and their demographic characteristics, socio-economic factors, optimism, sense of control, perceived social support, perceived neighborhood disorder, collective efficacy, pre-migration planning, depressive symptoms and acculturation stress. Our findings demonstrated that depressive symptom is the most prominent factor in reducing immigrants’ level of QOL, perceived social support and optimism are the two important factors that enhance the QOL of these depressed immigrants. Our results indicate that preventive measures must be developed, and professional counseling and psychological support services must be provided to new immigrants in Hong Kong, especially those who have depressive symptoms.     

An Approximate Bayesian Algorithm for Combining Forecasts*

In this paper we propose a consensus forecasting method based on a convex combination of individual forecast densities. The exact Bayesian updating of the convex combination weights is very complex and practically prohibitive. We propose a simple sequential updating alternative method based on function approximation. Several examples illustrate the method.     

Factors influencing the success of PPP at feasibility stage – A tripartite comparison study in Hong Kong

Public Private Partnerships (PPP) have been used extensively in both developing and developed countries in delivering various types of projects, ranging from road construction, railway transport systems to health care facilities and schools. Critical success factors of PPP schemes at the implementation stage were identified. It is however more important for decision-makers to identify the factors for feasibility evaluation of adopting the PPP at the outset. This study aims to explore the key successful ingredients to be assessed at the initial stage of PPP projects as perceived public sector, private consortium and general community so as to attain a “triple win” scenario, via a questionnaire survey and a series of expert interviews conducted in Hong Kong. Survey results indicate that the most critical factor for evaluating the feasibility of PPP projects, especially to the general community, is an acceptable level of tariff. Cost effectiveness and financial attractiveness are the most important evaluation factors as ranked by the public sector and private consortium respectively. In addition, the existence of a long-term demand for the proposed services, availability of strong private consortium, alignment with government’s strategic objectives, as well as reliable service delivery are also rated as highly important to the success of PPP schemes. Addressing the tripartite expectations is indispensable to ensure the feasibility and successful delivery of public services and infrastructure projects via PPP schemes.     

银行贷款、商业信用融资及我国上市公司的公司治理

本文讨论了银行贷款以及商业信用融资对我国上市公司公司治理的影响.通过对1995到2000年间上市公司CEO更换的研究,我们得到两个结论:第一,在经营业绩为负的公司中,银行贷款与强制性CEO更换存在负向关系,而商业信用融资与强制性CEO更换存在正向关系;第二,在盈利能力一般的公司中,商业信用融资与强制性CEO更换仍为正向关系,但银行贷款与强制性CEO更换却不存在明显的关系.以上结果表明,商业信用融资在CEO强制性更换中起到了积极的作用,改善了上市公司的公司治理,而银行贷款却没有起到相应的作用,甚至有负面的作用.     

Corporate social responsibility reporting and firm performance: evidence from China

A series of product safety and child labor scandals in the mid-2000s aroused global concerns over business ethics and corporate social responsibility (CSR) in China. The general public expects companies to be socially responsible and to look beyond the maximizing of profits. In this study, we examine the relationship between the issuance of CSR reports and performance, in terms of accounting income, market return, and growth by firms listed in China in 2008–2009. We find that the historical performance of firms has significant and positive effects on the issuance of standalone CSR reports. There is also a positive correlation between current CSR disclosures and subsequent performance. Finally, we find that corporate donations are positively associated with improved performance in the following year. Our results support the view that CSR is a useful business strategy even in a developing country such as China. We call for government authorities in emerging markets to advocate CSR practices and for the market participants to change their perception of and attitude towards CSR.     

有信息冲击、无信息冲击与波动率非对称性

本文将金融市场的冲击(innovations)分成有信息冲击和无信息冲击,构建了一种新的非对称GARCH类模型,区间均值GARCH模型(sectional mean GARCH,SM-GARCH).在中国股票市场的实证分析中发现:SM-GARCH模型能够更好地捕捉波动率特征和预测波动率;条件均值预测误差用于描述新到来的冲击对条件方差的影响,所提供的信息是有限的,在无信息冲击的情况下可以忽略它在波动率预测中的作用.     

Advocacy Coalitions and Policy Change in China: A Case Study of Anti-incinerator Protest in Guangzhou

This study examines the anti-incinerator protest in Guangzhou in China. It uses the advocacy coalition framework to analyze the dynamics between Guangzhou Municipal Government and the protesters. The research covers the establishment of a Public Consultative and Supervision Committee for Urban Waste Management in Guangzhou, a public consultative mechanism for waste management, which is a new development in the policy-making process in socialist China. The ultimate plan will be to demonstrate how policy adjustment is not determined solely by the outcome of protests but is also affected by both a decentralized political structure and the socio-cultural foundation. Consequently, the discussion also explores the gradual transformation of public participation in China’s environmental policy.